We can exclusively reveal that MySpace shut down their record label, MySpace Records, yesterday. According to sources, the label will still have some wind-down business that will take a few months to clear up, but the bulk of the staff was let go yesterday.

Walk Off The Earth, who we featured in January, have just signed a deal with Mark Williams (VP, A&R) at Columbia Records. The group created a major media and label buzz with their cover of Gotye’s “Somebody That I Used To Know”, which was uploaded on January 5th and has garnered already close to 50 million YouTube views.